Every time you see a transaction, there is someone who, at that very moment, thought the best thing they could do with their money is buy the stock at that price and, simultaneously, someone who thought the best thing they could do with their stock is sell, right then and there. That is always the case regardless of whether a stock is going up or down. By itself it tells you nothing. What you really want to know is, who is going to be proved right, the buyer or seller?
Approximately 25 years as a public company suggests that for REFR, if you wait a little while, or even if you don't, the sellers will have been proven to be the smart ones.